CSD BR, a Brazilian market infrastructure operator responsible for more than 22 trillion reais, about $4 trillion, in registered assets, has begun mirroring ownership records for selected BTG Pactual investment funds on the public XRP Ledger, working with Ripple.
The records are live, CoinDesk reported on Wednesday. Fund shares are represented with the ledger’s Multi-Purpose Token standard, which lets CSD BR control who may hold and transfer them.
Founded in 2018, CSD BR is authorised by both Brazil’s central bank and its securities regulator to run registration, custody and settlement systems. BTG Pactual is Latin America’s largest investment bank.
The point is reconciliation. Approved banks and institutions can watch ownership change as it happens, rather than waiting on the slow and costly work of matching separate databases, while identity checks and regulatory controls stay in place.
The caveat is built into the design. CSD BR’s own database remains the official record for registration, custody and settlement, and the ledger is a second copy.
The next step is more ambitious. The two companies plan to test issuing and trading assets directly on the XRP Ledger, with Brazilian real-estate and agribusiness receivables among the candidates.
Neither side has said which funds are involved, how many shares or how much value is being mirrored, or when, if ever, the on-chain version could become the legal one. Until then, the $4 trillion in the headline describes the operator, not what is actually on the chain.
